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financial accounting 13th edition

Questions and Answers of Financial Accounting 13th Edition

During 2021, Edwin Company earned revenues of $150 million. Edwin incurred, during that same year, salary expense of $34 million, rent expense of $23 million, and utilities expense of $16 million.
Assume that Harbor Marine Company reported the following summarized data at December 31, 2021. Accounts appear in no particular order; dollar amounts are in millions.Prepare the trial balance of
The accounts of Deluxe Patio Service, Inc., follow with their normal balances at April 30, 2021. The accounts are listed in no particular order. Requirements 1. Prepare the company’s
At December 31, 2021, Patterson Products has cash of $20,000, receivables of $17,600, and inventory of $78,000. The company’s equipment totals $186,000. Patterson owes accounts payable of $22,000
The trial balance of Addison, Inc., at September 30, 2021, does not balance: The accounting records hold the following errors:a. Recorded a $700 cash revenue transaction by debiting Accounts
Assume that Old Center Company reported the following summarized data at September 30, 2021. Accounts appear in no particular order; dollar amounts are in millions. Requirements1. Solve for
During 2021, Brewster Company earned revenues of $146 million. Brewster incurred, during that same year, salary expense of $28 million, rent expense of $23 million, and utilities expense of $19
The accounts of Specialty Deck Service, Inc., follow with their normal balances at April 30, 2021. The accounts are listed in no particular order. Requirements1. Prepare the company’s trial
Brandon Hilton is a realtor. He organized his business as a corporation on June 16, 2022. The business received $65,000 cash from Hilton and issued common stock. Consider the following facts as of
Assume that All Towne Company reported the following summarized data at September 30, 2021. Accounts appear in no particular order; dollar amounts are in millions. Requirements1. Solve for
The following amounts summarize the financial position of Grueser Computing, Inc., on September 30, 2021:During October 2021, Grueser Computing completed these transactions:a. The company received
This and similar cases in each chapter are based on the 2019 consolidated financial statements of Under Armour, Inc. You can retrieve the 2019 Under Armour financial statements at www.sec.gov by
The trial balance of Jubilee, Inc., at October 31, 2021, does not balance. Requirements1. Prepare a trial balance for the ledger accounts of Jubilee, Inc., as of October 31, 2021.2. Determine
The trial balance of St. James, Inc., at September 30, 2021, does not balance. The accounting records hold the following errors:a. Recorded a $400 cash revenue transaction by debiting Accounts
Suppose Robin Sporting Goods Company reported the following data at July 31, 2021, with amounts in thousands: Use these data to prepare Robin Sporting Goods Company’s single-step income
Robin Sporting Goods reported the following data at July 31, 2021, with amounts in thousands: Requirement 1. Calculate Robin’s net working capital.2. Calculate Robin’s current ratio.
To follow is a chart of current ratios for five companies in the same industry. Using the chart, answer the following questions:1. Which company has the strongest current ratio in the most
Prepare the closing entries from the following selected accounts from the records of North Pole Enterprises at December 31, 2021: How much net income did North Pole Enterprises earn during 2021?
Southeast Corporation made sales of $950 million during 2021. Of this amount, Southeast collected cash for $876 million. The company’s cost of goods sold was $260 million, and all other expenses
Portage Corporation began 2021 owing notes payable of $4.0 million. During 2021, Portage borrowed $1.9 million on notes payable and paid off $1.7 million of notes payable from prior years. Interest
Peyton Company reported these ratios at December 31, 2021 (dollar amounts in millions): Peyton Company completed these transactions during 2022:a. Purchased equipment on account, $5b. Paid
Due to the terms of its lease, Hawke Services, Inc., pays the rent for its new office space in one annual payment of $26,800 on August 1, 2021. The lease covers the period of August 1, 2021, through
The adjusted trial balances of Patterson Corporation at August 31, 2021, and August 31, 2020, include these amounts (in millions): Patterson Corporation completed these transactions (in
During 2021, Able Network, Inc., which designs network servers, earned revenues of $820 million. Expenses totaled $520 million. Able collected all but $20 million of the revenues and paid $610
On April 1, 2021, Solutions Insurance Company sold a one-year insurance policy covering the year ended March 31, 2022. Solutions collected the full $2,700 on April 1, 2021. Solutions made the
Jenkins Rentals Company faced the following situations. Journalize the adjusting entry needed at December 31, 2023, for each situation. Consider each fact separately.a. The business has interest
The adjusted trial balances of Verne Corporation at August 31, 2021, and August 31, 2020, include these amounts (in millions): Verne completed these transactions (in millions) during the year
Appletree Rental Company’s unadjusted and adjusted trial balances at June 30, 2021, follow. Requirements 1. Make the adjusting entries that account for the differences between the two
Prepare the closing entries from the following selected accounts from the records of North Shore, Inc., at December 31, 2021:How much net income did North Shore earn during 2021? Prepare a T-account
Crossway Rental Company’s unadjusted and adjusted trial balances at June 30, 2021, follow: Requirements 1. Make the adjusting entries that account for the differences between the two
The adjusted trial balance for the year of Nelson Corporation at July 31, 2021, follows: Requirements 1. Prepare Nelson Corporation’s 2021 single-step income statement, statement of
During 2021, Barron Network, Inc., which designs network servers, earned revenues of $740 million. Expenses totaled $560 million. Barron collected all but $26 million of the revenues and paid $610
Berkley Consulting had the following selected transactions in July: Requirements 1. Show how each transaction would be handled (in terms of recognizing revenues and expenses) using the cash
Fairmount Co. prepaid three years’ rent ($31,500) on January 1, 2021. At December 31, 2021, Fairmount prepared a trial balance and then made the necessary adjusting entry at the end of the year.
The adjusted trial balance for the year of Sunray Corporation at March 31, 2021, follows. Requirements 1. Prepare Sunray Corporation’s 2021 single-step income statement, statement of
The accounts of Meadowbrook Service, Inc., at January 31, 2021, are listed in alphabetical order. Requirements 1. All adjustments have been journalized and posted, but the closing entries
The cash data of Eddy Automotive for October 2021 follow: Eddy Automotive received the following bank statement on October 31, 2021: Additional data for the bank reconciliation include the
The Unearned Revenue account of Melrose Incorporated began 2021 with a normal balance of $5,500 and ended 2021 with a normal balance of $16,000. During 2021, the Unearned Revenue account was credited
Northern Products reported the following amounts in its 2022 financial statements. The 2021 amounts are given for comparison. Requirements1. Compute Northern’s quick (acid-test) ratio at the
The Cash account of Reese Corporation had a balance of $3,540 at October 31, 2021. Included were outstanding checks totaling $1,800 and an October 31 deposit of $300 that did not appear on the bank
Jim Patrick operates a roller skating center, Skatetown USA. He has just received the company’s monthly bank statement at March 31 from Ringley National Bank, and the statement shows an ending
Harry McCall operates a roller skating center, McCall Rinks. He has just received the company’s monthly bank statement at February 28 from Ridgeway National Bank, and the statement shows an ending
The Red Star Company manufactures a variety of retail store supplies, including bags, price tags, shelf labels, and hangers. The following is Red Star’s accounts receivable aging schedule in an
On December 23, 2021, Silverman Sports Manufacturing sells a truckload of merchandise to the Baseball World store in Cincinnati, Ohio. The terms of the sale are FOB destination. The truck runs into
Perform the following accounting tasks for the receivables of Able and Bowman, a law firm, at December 31, 2021. Requirements1. Set up T-accounts for Cash, Accounts Receivable, and Service
During its first year of operations, Spring Garden, Inc., had sales of $439,000, all on account. Industry experience suggests that Spring Garden’s uncollectibles will amount to 4% of credit sales.
At December 31, 2021, before any year-end adjustments, the Accounts Receivable balance of Alpha Company, Inc., is $390,000. The Allowance for Uncollectible Accounts has a $15,500 credit balance.
Moore Corporation reported the following items at December 31, 2021, and 2020: Requirements1. Compute the company’s (a) quick (acid-test) ratio and (b) days’ sales outstanding for 2021.
On August 31, 2021, Betsy Totten borrowed $1,000 from Iowa State Bank. Totten signed a note payable, promising to pay the bank principal plus interest on August 31, 2022. The interest rate on the
At December 31, 2021, before any year-end adjustments, the Accounts Receivable balance of Hampton Company, Inc., is $330,000. The Allowance for Uncollectible Accounts has a $15,400 credit balance.
Sprague Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, 2021, the balance of accounts receivable is $250,000 and the
Perform the following accounting for the receivables of Andrews and Johnson, a law firm, at December 31, 2021. Requirements1. Set up T-accounts and start with the beginning balances for these
Swenson Corporation reported the following items at December 31, 2021, and 2020:Requirements1. Compute the company’s (a) Quick (acid-test) ratio (b) Days’ sales outstanding for
Perform the following accounting for the receivables of Hawkins and Harris, a CPA firm, at December 31, 2021. Requirements1. Set up T-accounts and start with the beginning balances for these
At December 31, 2021, Concord Travel Agency has an Accounts Receivable balance of $87,000. Allowance for Uncollectible Accounts has a credit balance of $880 before the year-end adjustment. Service
Milford Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $140,000, and management estimates 2% will be uncollectible. The Allowance
How much interest revenue should Avonette accrue on December 31, 2021?a. $4,500b. $2,425c. $1,875d. $2,250
If Avonette fails to make an adjusting entry for the accrued interest on December 31, 2021,a. Net income will be understated and liabilities will be overstated.b. Net income will be understated and
How much interest does Avonette expect to collect on the maturity date (February 1, 2022)?a. $3,050b. $2,250c. $375d. $4,500
Which of the following accounts will Avonette credit in the journal entry at maturity on February 1, 2022, assuming collection in full?a. Cashb. Note Payablec. Interest Payabled. Interest Receivable
Which of the following is included in the calculation of the quick (acid-test) ratio?a. Inventory and short-term investments b. Inventory and prepaid expenses c. Cash and accounts
The September 30, 2022, records of New York Communications include these accounts: During the year, New York Communications estimates Uncollectible-account expense at 1% of credit sales. At
Wronkovich & Sells, an accounting firm, advises Off the Boat Seafood that its financial statements must be changed to conform to GAAP. At December 31, 2021, Off the Boat’s accounts include the
A company with net credit sales of $960,000, beginning net receivables of $70,000, and ending net receivables of $90,000 has days’ sales outstanding closest to a. 37 days. b. 30 days.c.
The comparative financial statements of Sunset Pools, Inc., for 2023, 2022, and 2021 included the following select data: Requirements1. Compute the following ratios for 2023 and 2022:a. Current
McClinton and Jefferson, an accounting firm, advises Lakeside Seafood that its financial statement must be changed to conform to GAAP. At December 31, 2021, Lakeside’s accounts include the
Hopewell Shipping Corporation is an overnight shipper. Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At October 31, 2021, and 2022, Hopewell reported
The September 30, 2022, records of West Point Communications include these accounts:During the year, West Point Communications estimates Uncollectible-account expense at 1% of credit sales. At
Accounting records for Jubilee Corporation yield the following data for the year ended June 30, 2021 (assume sales returns are nonexistent): Requirements 1. Journalize Jubilee’s inventory
Suppose a Walmart store in Fillmore, Missouri, ended January 2021 with 900,000 units of merchandise that cost $5 each. Suppose the store then sold 50,000 units for $510,000 during February. Further,
Here is the original schedule of cost of goods sold for Talladega Company for the years of 2019 through 2022: During the preparation of its 2022 financial statements, Talladega Company
Ridge Garden Supplies uses a perpetual inventory system. The company has these account balances at May 31, 2021, prior to making the year-end adjustments: A year ago, the net realizable value of
Suppose Easton, Inc., reported net receivables of $2,582 million and $2,260 million at January 31, 2022, and 2021, respectively, after subtracting allowances of $72 million and $67 million at these
Fairbanks Company made sales of $24,600 million during 2021. Cost of goods sold for the year totaled $9,840 million. At the end of 2020, Fairbanks’s inventory stood at $1,000 million, and Fairbanks
Banta Tile & Marble Corporation reported the following comparative income statements for the years ended November 30, 2021 and 2020: Banta’s president and shareholders are thrilled by the
McGuire Industries prepares budgets to help manage the company. McGuire is budgeting for the fiscal year ended January 31, 2021. During the preceding year ended January 31, 2020, sales totaled $9,200
Accounting records for Allegheny Corporation yield the following data for the year ended June 30, 2021: Requirements 1. Journalize Allegheny’s inventory transactions for the year under
Huron Garden Supplies uses a perpetual inventory system. The company has these account balances at October 31, 2021, prior to making the year-end adjustments: A year ago, the net realizable
Simon Granite & Stone Corporation reported the following comparative income statements for the years ended September 30, 2021 and 2020: Simon’s president and shareholders are thrilled by
Spicer Industries prepares budgets to help manage the company. Spicer is budgeting for the fiscal year ended January 31, 2021. During the preceding year ended January 31, 2020, sales totaled $9,700
A Gold Medal Sports outlet store began August 2021 with 42 pairs of running shoes that cost the store $31 each. The sales price of these shoes was $63. During August, the store completed these
Navy Surplus began July 2021 with 80 stoves that cost $10 each. During the month, the company made the following purchases at cost: The company sold 250 stoves, and at July 31, the ending
SWAT Surplus began March 2021 with 100 tents that cost $10 each. During the month, the company made the following purchases at cost: The company sold 318 tents, and at March 31, the ending
Ricky’s Convenience Stores’ income statement for the year ended December 31, 2020, and its balance sheet as of December 31, 2020, are as follows: The business is organized as a
The accounting records of Boston Home Store show these data (in millions): The shareholders are very happy with Boston’s steady increase in net income. However, auditors discovered that the
Eddie’s Convenience Stores’ income statement for the year ended December 31, 2020, and its balance sheet as of December 31, 2020, are as follows: The business is organized as a
Anderson Trade Mart has recently had lackluster sales. The rate of inventory turnover has dropped, and the merchandise is gathering dust. At the same time, competition has forced Anderson’s
Suppose Chic Fashions, a specialty retailer, had these records for evening gowns during 2021:Assume that Chic sold 112 gowns during 2021 and uses the LIFO method to account for inventory. Chic’s

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